'Fast Money' Recap: A Busy Day for Oracle, Yahoo! and Alibaba

NEW YORK (TheStreet) -- The S&P 500 climbed 0.49% but it was a busy day in the markets. On CNBC's "Fast Money" TV show, the trading panel started with Oracle's (ORCL) earnings report and CEO Larry Ellison's decision to step down. The company missed on top and bottom line estimates. 

Guy Adami, managing director of stockmonster.com, pointed out Oracle also reported disappointing operating margins. However, at just 12 times forward earnings and with support near $40, he is a buyer of the stock. 

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Dan Nathan, co-founder and editor of riskreversal.com, said investors can take a shot at the stock on the long side near $40 because several upcoming conferences could act as positive catalysts. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, who is long Oracle, said the new CEO, Mark Hurd, should be able to grow revenue. The company needs to find growth by growing its cloud business, he said. 

Jon Najarian, co-founder of optionmonster.com and trademonster.com, suggested that Salesforce.com (CRM) is not crushing Oracle in the cloud, despite what some investors may think. He likes Oracle on the long side.

Dan Ives, senior analyst at FBR Capital Markets, said Oracle is a experiencing a "painful transition to the cloud," which is why the company reported such a "soft" quarter. The new CEO will have his work cut out for him -- but in order for the stock to go meaningfully higher, the company needs to find growth. 

Dave Barger, the CEO of JetBlue Airways (JBLU) has also announced he will retire. Adami said he liked the CEO and thought he did a great job at the company. He continues to like the stock on the long side. Pete Najarian likes JetBlue but not as much as United Continental Holdings (UAL) , American Airlines (AAL)  and Delta Air Lines (DAL) .

Read More: Alibaba Ready to Soar, Prices IPO to Raise $21.8 Billion

Alibaba will officially price its IPO at $68 per share and is scheduled to begin trading under BABA on Friday. Eric Jackson, founder and managing partner of Ironfire Capital and a contributor to TheStreet, discussed his long position in Yahoo! (YHOO) .

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